AirAsia Philippines operating loss narrows in 2Q2016, on track with turnaround plan

AirAsia Philippines revenue up 11% - financial highlights for three months ended 30-Jun-2016:

• Revenue: PHP2568 million (USD55.2 million), +10.5% year-on-year;
• Operating costs: PHP2669 million (USD57.3 million), -2.1%;
• • Fuel: PHP794.3 million (USD17.1 million), -21.0%;
  • Maintenance and overhaul: PHP637.2 million (USD13.7 million), +55.1%;
• Operating profit (loss): (PHP101.1 million) (USD2.2 million), compared to a loss of PHP403.7 million (USD9.0 million) in p-c-p;
• Net profit (loss): (PHP539.1 million) (USD11.6 million), compared to a loss of PHP777.0 million (USD17.4 million) in p-c-p;
• Passenger numbers: 1.0 million, +3%;
• Load factor: 91%, +11 ppts;
• Average fare: PHP2200 (USD47.27), +13.8%;
• Revenue per ASK: PHP2.38 (USD 5.11 cents), +17.8%;
• Cost per ASK: PHP2.53 (USD 5.44 cents), +0.4%;
• Cost per ASK excl fuel: PHP1.80 (USD 3.87 cents), +9.8%;
• Average stage length: 974 km, +3%. [more - original PR]

*Based on the average conversion rate at PHP1 = USD0.021485 for 2Q2016
*Based on the average conversion rate at PHP1 = USD0.022388 for 2Q2015

AirAsia Group: "In Philippines, the forecasted load factor for the third quarter of 2016 is at 85%. PAA remains on track with its turnaround plan to rationalize its fleet composition to further reduce its cost structure in the remaining quarters in 2016." Source: Company statement, 29-Aug-2016.